Salasar Techno Engineering board gives nod to fund raising of Rs 200 crore; Stock up 1%

23 Jun 2022 , 03:28 PM

The Board of Directors of Salasar Techno Engineering Limited at their meeting held on June 22, 2022 has considered and approved the raising of funds by issuance and allotment of equity shares for up to an aggregate amount of up to Rs200 crore by way of a preferential allotment and/or through QIP, FCCB, ADRs.

GDRs issues, or to the existing shareholders on right basis, or in any combination thereof, in one or more tranches, on such terms as may be decided by the Board or its duly empowered Committee, from time to time, the company said in a regulatory filing.

Further, the board decided to appoint various intermediaries, merchant bankers, advisors, legal counsel etc., and constituted a Board's Fund-Raising committee for proposed fund raising program.

The board approved increase in Authorised Capital of the Company from existing Rs31,50,00,000/- to Rs. 35,00,00,000 and consequent alteration in Capital Clause of the Memorandum of Association of the Company.

The board also approved enhancement of borrowing limits from Rs500 crore to Rs700 crore, the company further added.

At around 9:52 AM, Salasar Techno Engineering was trading at Rs240.10 per share up by Rs3.35 or 1.41% from its previous closing of Rs236.75 per share on the BSE.